https://www.taxtmi.com/caselaws?id=20369 The court upheld the decision of the Commissioner of Income-tax (Appeals) that liabilities written back by the assessee did not cease to be assessable income under section 41(1) of the Income-tax Act, 1961. The court emphasized that the unilateral act of the assessee in writing back liabilities did not result in the cessation of those liabilities, especially when they were not time-barred. The court distinguished this case from previous decisions involving time-barred liabilities and ruled in favor of the Revenue, stating that the liabilities written back were indeed assessable as income. en-us Fri, 27 Nov 1992 00:00:00 +0530 Fri, 13 Nov 2009 15:33:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20369 The court upheld the decision of the Commissioner of Income-tax (Appeals) that liabilities written back by the assessee did not cease to be assessable income under section 41(1) of the Income-tax Act, 1961. The court emphasized that the unilateral act of the assessee in writing back liabilities did not result in the cessation of those liabilities, especially when they were not time-barred. The court distinguished this case from previous decisions involving time-barred liabilities and ruled in favor of the Revenue, stating that the liabilities written back were indeed assessable as income. Case-Laws Income Tax Fri, 27 Nov 1992 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20369